Using daily bond purchase volume data, we evaluate the effects of the South African Reserve Bank’s bond purchase programme on the term structure of the sovereign bond yield curve. Our results indicate that bond purchases significantly flatten the slope and lower the curvature of the sovereign bond curve by 4 bps and 10 bps respectively on impact; however, we find that bond purchases increase the level factor. The latter result is attributed to the increased sovereign risk stemming from the significant fiscal stimulus measures announced around the same period. We also examine how the programme’s announcement influenced South Africa’s corporate bond market using the FTSE/JSE All Bond Other Index and find that the SARB programme announcement had meaningful spillover effects by lowering yields in the South African corporate bond market